By Kim Franklin
As the financial industry continues growing in complexity, institutions will face increased competition in recruiting the best talent possible. Consequently, credit unions are in the midst of a talent war to attract the highest performing employees.
Millennials and Generation Z have signaled very specific needs that will make them choose one potential employer over another. As such, credit unions can differentiate themselves by fully understanding and changing to meet the specific needs that millennials and Generation Zers have identified as their top priorities for choosing an employer.
Female Empowerment
Simply put, the broader financial industry has failed to empower women with positions of power. According to the Federal Reserve Bank of Boston, “19% of C-Suite positions in financial services are held by women, compared to an average of 22% in the U.S. overall.”
Furthermore, in 2017, the financial services industry in North America “had a 24% gap between the rates of first promotions (from entry-level to manager) of women and men, despite asking for promotions at comparable rates.”
Contrasting industry statistics, 52% of credit union CEOs are women. Credit unions must continue to foster the significant progress that has been made empowering women in leadership positions.
Career Development
Millennials and Generation Zers have begun to detect the immense changes that are occurring in the workplace and the shifts that are destined to happen in the future. A LinkedIn report found that the “majority of Gen Z (59%) don’t feel their job will exist in the same form 20 years from now.” As such, Millennials and Generation Zers have placed a higher emphasis on looking for career development opportunities at a potential employer.
According to a Gallup report, 59% of millennials say opportunities to learn and grow are extremely important to them when applying for a job as compared to 44% of Gen Xers and 41% of baby boomers.”
Benefits for the 21stCentury
According to MetLife’s 2019 U.S. Employee Benefit Trends Study, the top reasons full-time workers are interested in taking on new jobs are the existence of flexible schedules, ability to work where they want and ability to take on multiple different projects. Millennials especially are attracted to flexible work schedules. A PwC survey found that millennials highly value positions that allow for more flexibility, “64% of Millennials would like to occasionally work from home, and 66% of Millennials would like to shift their work hours.”
Credit unions must innovate new ways to accommodate a more flexible work schedule for their employees, allowing for a work environment that attracts future leaders.
Credit unions can attract the next generation of financial service leaders by creating a more employee-centric work environment and focusing on those priorities identified by the target group. Credit unions must be preparing now for the needs of Millennials and Generation Zers by elevating women to leadership positions based on merit and skills, investing in employee career and skill development and instituting benefits that fit the lives of 21stcentury employees.
Kim Franklin is HR Manager at EPL, Inc. For info: www.eplinc.com.